Creating an Asset Disposition report

Forum|Forum|2 years ago
February 28, 2024
2 replies
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I have unfortunately lost all my tax records prior to 2003. In 2023 I sold a rental property that I owned for 43 years. I have tried to recreate an Asset Disposition Worksheet for the various assets I aquired during my ownership of this property.

My problem is that TurboTax will not accept a retro-active sale or disposal date for the assets. The assets are mainly various cycles of replacing appliances and flooring. These assets have been fully depreciated. If I enter the date associated with the sale of the property, Form 4797 is populated. However, this disposition date is not the reality of the situation.

What should I do?

RobertB4444

Level 15

Any assets that were fully depreciated and then disposed of during the life of your rental property you should ignore. Any assets that were fully depreciated but still in the property at the time of the sale you can enter with prior accumulated depreciation that zeroes the value in order to get the correct sale figures.

@William104

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